I've just finished a shave where I washed and lathered (with some vigorous face-scrubbing) with cold water but making sure that the blade was kept hot—three passes on cheeks (WTG & XTG both ways) and two on the neck (WTG and a mash-up of ATG and XTG); followed by alum, wash (still with cold water) and then GFT Skin Food for good measure.

I appear to have a bit more razor burn on my neck than I'd normally expect but I'm not actually sure whether that's the cold water or just overzealousness with the razor. I was specifically focussing on maintaining nice light strokes, today, but I did keep revisiting certain neck-areas to get bits I wasn't happy with. And, in hindsight, I also trimmed the rest of my beard with clippers, beforehand, which could have added to irritation...

That seems to fade away pretty quickly, though, and the overall quality of the shave seems to be just as good as with hot water. I might go as far as to say that the act of shaving, itself, felt easier with cold water than with hot—the razor glides better and cuts hair more easily, and (as a face-latherer) I think I was able to build a better lather with cold water, too; but the end result is currently uncertain.

I think I'll try this again next time and see how it goes, probably with a different razor.